At a glance
XDTE charges 0.97% a year. It has $326.0M in assets; it paid 29.74% of its price in distributions over the past 12 months, monthly. Over the past year it returned +13.6% with distributions reinvested (S&P 500: +11.5%).
The short version
Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) is an actively managed fund. It gets its S&P 500 exposure mainly through long-dated options and sells same-day call options on the index every business day for income. Its trailing 12-month yield was 29.74% as of October 27, 2026. However, the daily calls cap its gains while most losses still pass through, and it charges 0.97% a year.
Price history
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XDTE +13.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| XDTE official prospectus, to Dec 31, 2025 | — | +12.74% | — | — | — | +16.87% |
| Solactive GBS Global Markets All Cap USD Index TR (reflects no deduction for fees, expenses or taxes) index, same period | — | +22.52% | — | — | — | +18.39% |
| XDTE price data to Oct 27, 2026 | +12.4% | +13.6% | — | — | — | +15.8% |
- Over the year to Oct 27, 2026, XDTE returned +13.6%.
- Its worst full calendar year was 2025 (+12.7%); its best was 2025 (+12.7%).
- The deepest fall in its price history was 19% (Feb 19, 2025 to Apr 21, 2025), recovered by Jul 25, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.4% | — |
| 2025 | +12.7% | +12.74% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $6.0300 | |
| 2025 | $15.5200 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 7.44% of assets.
| Holding | Weight | |
|---|---|---|
| Roundhill Weekly T-Bill ETF | 7.44% |
By country
United States 7.44%By asset type
Stocks 7.44%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $15.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.85%, +3.62%, -0.24%.
How it works
XDTE is actively managed by Roundhill Investments, and its main goal is current income. It keeps at least 80% of net assets in instruments tied to the S&P 500. These can be S&P 500 ETFs such as SPY, VOO and IVV, or options on the index. As of June 30, 2026, it relied on deep-in-the-money S&P 500 call options. These are options whose strike price sits far below the index level, so they move almost one-for-one with the index. Contracts expiring March 19, 2027 made up about 74% of assets and contracts expiring June 11, 2027 about 17%. Another 7.4% sat in the Roundhill Weekly T-Bill ETF and 1.8% in cash.
To earn income, the fund sells out-of-the-money call options on the S&P 500 at or shortly after the market opens every business day. These are 0DTE options, meaning zero days to expiration: they expire at the end of that same day. Buyers pay the fund a premium for them. If the index rises past the strike price, the fund's gain stops there. In the prospectus example, a 2% daily rise against an option sold 1% out of the money leaves the fund up only 1%.
The premium offsets losses only partly. Because the fund owns options rather than stocks, Roundhill calls this a "synthetic" covered call. All its options trade on regulated U.S. exchanges.
What it really costs
- XDTE charges 0.97% a year.
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,166 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XDTE | $97 | $303 | $525 | $1,166 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
Its stated goal is current income, paid from daily S&P 500 option premiums, rather than long-term growth.
XDTE launched on March 7, 2024, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its only full calendar year, 2025, returned 12.74%. Its deepest drop was 19%, from February 19 to April 21, 2025, and it had fully recovered by July 25, 2025. The daily option premium cushions losses only slightly. Anyone selling shares in a falling market would absorb most of the decline.
The trailing 12-month yield was 29.74% as of October 27, 2026. The prospectus describes the fund's option-premium income as coming in on a weekly basis. That income is usually taxed as ordinary income. Under the SEC's standard example, the 0.97% expense ratio works out to $97 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who value large cash payouts over growth; the trailing 12-month yield was 29.74% as of October 27, 2026.
- People comfortable with S&P 500 risk who accept giving up gains above each day's strike price in exchange for option premium.
- Income seekers using an IRA or other tax-advantaged account, since option income is usually taxed as ordinary income.
Look elsewhere if
- Long-term growth investors: daily call sales cap gains, and the 2025 return of 12.74% trailed the 22.52% of its prospectus comparison index.
- Anyone wanting a long track record: the fund launched in March 2024, missed the 2020 and 2022 declines, and fell 19% in early 2025.
- Cost-conscious investors: the 0.97% expense ratio adds up to $1,166 over 10 years on $10,000 in the SEC's standard example.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is XDTE good for retirement income?
XDTE can produce a lot of income, but with trade-offs. The trailing 12-month yield was 29.74% as of October 27, 2026, and the prospectus names current income as the main goal. In exchange, the fund caps its S&P 500 gains every day while keeping most of the downside. Its deepest drop was 19% in early 2025. It launched in March 2024, so it hasn't been through a long bear market, and it charges 0.97% a year.
Why is XDTE's yield so high?
The yield comes mostly from option premiums, not stock dividends. Every business day the fund sells S&P 500 call options that expire that day and collects what buyers pay for them. The fund earns that money by giving up gains above the strike price. Over the year to October 27, 2026, total return was 13.6% against a 29.74% yield, which points to a falling share price. Option income is usually taxed as ordinary income.
What's the difference between XDTE and SPY?
SPY holds the stocks in the S&P 500 and passes along their full gains and losses. XDTE gets S&P 500 exposure mainly through long-dated call options, and SPY is one of the ETFs its prospectus says it may hold. On top of that, XDTE sells same-day call options, giving up gains above each day's strike in exchange for premium income. XDTE charges 0.97% a year. It returned 12.74% in 2025, while the broad global stock index in its prospectus returned 22.52%.
What does 0DTE mean in XDTE?
0DTE stands for zero days to expiration. XDTE sells S&P 500 call options at or shortly after the market opens, and they expire at the end of that same day. Because the options last only hours, the fund repeats the trade every business day. The prospectus warns that these options react more sharply to sudden price moves and volatility than longer-dated options, so the timing of each trade matters more.
What is XDTE's expense ratio?
XDTE's expense ratio is 0.97%, according to the prospectus filed August 31, 2026. Most of that is a 0.95% management fee, and there is no fee waiver. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs would be about $97 after one year, $303 after three, $525 after five and $1,166 after ten. That cost pays for the daily options program, and plain S&P 500 index funds are worth comparing on cost.